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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses the 'fraud-exposure' framework by highlighting a lack of transparency in key performance indicators.",
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      "text": "It's not just cohort and transaction data or mobile wallets that Remitly ceased to provide, but also order completion and detailed LTV / CAC calculations.",
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      "text": "\"Order completion rate\" is defined as the sum of daily unique customers who complete a transaction over the sum of daily unique customers who sign-in.\" — IPO Prospectus",
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      "text": "Source: RELY IPO Prospectus",
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      "text": "Metric: Order Completion, Last Disclosed: IPO prospectus, Reference: Definition of order completion rate. Metric: LTV/CAC, Last Disclosed: IPO Prospectus, Reference: Definition and historical 2019/2020 data.",
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      "text": "Other Items No Longer Disclosed",
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